Tenet Healthcare Corp (NYSE:THC) was off to a good start this week as the company reported better-than-expected quarterly results after hours Monday.
The healthcare services provider reported a loss of $229 million for its fourth quarter, tallying up to $2.27 per share, which was wider than the year-ago loss of $79 million, or 79 cents per share. Adjusted earnings for the period came in at $1.40 per share, beating analysts’ expectations of $1.25 per share.
Tenet Healthcare’s fourth quarter also included stronger revenue as the company raked in $4.98 billion, ahead of the $4.86 billion it brought in during the year-ago quarter. Analysts were calling for revenue of $4.87 billion in the Wall Street consensus estimate.
For its fiscal 2018, the company says it predicts that revenue will fall in the range of $17.9 billion to $18.3 billion, while adjusted diluted earnings from continuing operations will be in the range of 73 cents a share to $1.07 per share.
Tenet Healthcare also increased the midpoint of its previous 2018 adjusted earnings projection before interest and other items by $25 million due to higher expectations for its subsidiary Conifer. The company also predicts that the figure will be higher due to additional Medicaid reimbursements, among other factors.
The company’s provision for doubtful accounts tallied up to $325 million in its fourth quarter of fiscal 2017, below the Wall Street outlook of $368 million, according to data compiled by FactSet.
THC stock soared 7.5% after the bell Monday.